IL HB1934

Regional superintendents of schools and educational service centers must undergo annual financial audits by the Auditor General as of June 30th each year, conducted according to Generally Accepted Governmental Auditing Standards.

Regional offices of education and educational service centers may use cash basis, modified cash basis, or generally accepted accounting principles (GAAP) basis accounting to prepare financial statements for audits.

Audit reports must be kept on file in the Auditor General's office, published on the Auditor General's website, and distributed in accordance with the Illinois State Auditing Act.

Each audit report must detail opening balances, funds received by source, distributions to school treasurers, other disbursements by purpose and fund, and ending balances for all accounts and funds.

The Auditor General shall require implementation of audit recommendations based on findings of law violations, unless the Auditor General determines implementation is inappropriate upon review.